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Problem #3 [Discounted Note - Interest is paid up front] June 2, purchased equipment by issuing a $300,000,65-day note to ABC Company, which discounted the
Problem \#3 [Discounted Note - Interest is paid up front] June 2, purchased equipment by issuing a $300,000,65-day note to ABC Company, which discounted the note at the rate of 6%. A) Prepare the journal entry for the issuance of the note payable. B) Calculate the maturity date. C) Calculate the maturity value. D) Prepare the journal entry for payment of the note at the maturity date
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